QUESTION 13.5 (Employee/investor, calculation of tax payable) Trish Curry, a 37-year-old resident taxpayer, purchased an investment property on 1 July 2019 from which she derives rental income. During the 2019/20 tax year, Trish recorded the following transactions in relation to the property: od bax on boos 19 RECEIPTS Onlaudem Rent Received oseto $ 18,400 Proceeds of Mortgage from Bank (15-year loan) Interest from Real Estate Trust Account 200 60,000 PAYMENTS Purchase Price of Property (constructed in 1993 at a cost of $60,000) 212,000 Stamp Duty on Property 8,000 Legal Costs - Purchase 1,400 Stamp Duty and Legal Costs - Mortgage lead 600 Agents' Commission (RES E NOOSOS VEMOTO 970 Bank Fees & Charges 140 Mortgage Repayments Council Rates (no 17,500 840 Insurance 290 Painting of Bedrooms (on 1 August 2019 - prior to letting) 3,100 Replacement of Carpets (1 April 2020, 5-year effective life) 4,200 Water Rates 720 . OTHER INFORMATION PO As at 30 June 2019, there was $2,300 of rent outstanding from tenants. The mortgage repayments included $9,300 interest. Trish also derived gross salary for the year of $67,000 from which $16,000 of PAYG tax was withheld. Trish has not lodged a Notice of Intent to Claim Deduction form with her superannuation fund. Other amounts paid by Trish during the year included: $ Tax Agent's fee 350 Donation to local church 200 Personal Super Contributions 4,000 Work-related travel 210 DDV Trish was covered by adequate private health insurance. Calculate Trish's net rental income for the 2019/20 tax year. Calculate Trish's taxable income for the 2019/20 tax year.n) Calculate tax payable by Trish for the 2019/20 tax year. Answer to Q-13.5 (Employee/investor, calculation of tax payable) Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells Stephanie Garner, a resident taxpayer Rental Receipt Items Receipt Amount ($) Write your Reasons or Workings (if applicable) Enter receipt amount here $ Assesable Income (relates to investment property) Rent Received Proceeds of Mortgage from Bank(15Year Load) Interest form Real Estate Trust Account Total Assessable Inocme 18,400 60,000 200 0 Rental Deduction Items Expense Amount $ Write your Reasons or Workings (if applicable) Enter deduction amount here $ Less: Deductions (relates to investment property) Pruchase Price of Property (in 1993 at cost of $60,000) Stamp Duty on Property Legal Costs - Purchase Stamp Duty and Legal Costs - Mortgage Agents' Commission Bank Fees & Charges Mortgage Repayments (Included $9300 Interest expense) Council Rates Insurance Painting of Bedrooms (01/08/2019 - Prior to Letting) Replacement of Carpets (01/04/2020,5 Years effective life) Water Rates Mortgage Repayments Total Deductions NET RENTAL INCOME* 212,000 8,000 1,400 600 970 140 17500 or 9300 840 290 3,100 4,200 720 0 Business Receipt Items (exclude GST) Receipt Amount $ Write your Reasons or Workings (if applicable) Enter receipt amount here Taxable income $ Gross Salary Interest form Real Estate Trust Account Net Rental Income (refer to above*) Total Assessable Inocme 67,000.00 200.00 4,029.00 Business Deduction Items (exclude GST) Receipt Amount $ Write your Reasons or Workings (if applicable) Enter deduction amount here $ Tax Agent's fee Donation to church Personal Superannuation Work-related travel Total Deductions TAXABLE INCOME 350.00 200.00 4,000.00 210.00 Tax on Taxable Income $ 0 Add: Medicare Levy (if applicable) Add: Medicare Levy Surcharge (if applicable) Less: Tax Offsets (if any) Less: Low Income Tax Offset (if applicable) Less: Low-Middle Income Tax Offset (if applicable) Less: PAYG tax withheld TAX PAYABLE/ (REFUNDABLE) 16,000.00 Additional Workings (if any) QUESTION 13.5 (Employee/investor, calculation of tax payable) Trish Curry, a 37-year-old resident taxpayer, purchased an investment property on 1 July 2019 from which she derives rental income. During the 2019/20 tax year, Trish recorded the following transactions in relation to the property: od bax on boos 19 RECEIPTS Onlaudem Rent Received oseto $ 18,400 Proceeds of Mortgage from Bank (15-year loan) Interest from Real Estate Trust Account 200 60,000 PAYMENTS Purchase Price of Property (constructed in 1993 at a cost of $60,000) 212,000 Stamp Duty on Property 8,000 Legal Costs - Purchase 1,400 Stamp Duty and Legal Costs - Mortgage lead 600 Agents' Commission (RES E NOOSOS VEMOTO 970 Bank Fees & Charges 140 Mortgage Repayments Council Rates (no 17,500 840 Insurance 290 Painting of Bedrooms (on 1 August 2019 - prior to letting) 3,100 Replacement of Carpets (1 April 2020, 5-year effective life) 4,200 Water Rates 720 . OTHER INFORMATION PO As at 30 June 2019, there was $2,300 of rent outstanding from tenants. The mortgage repayments included $9,300 interest. Trish also derived gross salary for the year of $67,000 from which $16,000 of PAYG tax was withheld. Trish has not lodged a Notice of Intent to Claim Deduction form with her superannuation fund. Other amounts paid by Trish during the year included: $ Tax Agent's fee 350 Donation to local church 200 Personal Super Contributions 4,000 Work-related travel 210 DDV Trish was covered by adequate private health insurance. Calculate Trish's net rental income for the 2019/20 tax year. Calculate Trish's taxable income for the 2019/20 tax year.n) Calculate tax payable by Trish for the 2019/20 tax year. Answer to Q-13.5 (Employee/investor, calculation of tax payable) Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells Stephanie Garner, a resident taxpayer Rental Receipt Items Receipt Amount ($) Write your Reasons or Workings (if applicable) Enter receipt amount here $ Assesable Income (relates to investment property) Rent Received Proceeds of Mortgage from Bank(15Year Load) Interest form Real Estate Trust Account Total Assessable Inocme 18,400 60,000 200 0 Rental Deduction Items Expense Amount $ Write your Reasons or Workings (if applicable) Enter deduction amount here $ Less: Deductions (relates to investment property) Pruchase Price of Property (in 1993 at cost of $60,000) Stamp Duty on Property Legal Costs - Purchase Stamp Duty and Legal Costs - Mortgage Agents' Commission Bank Fees & Charges Mortgage Repayments (Included $9300 Interest expense) Council Rates Insurance Painting of Bedrooms (01/08/2019 - Prior to Letting) Replacement of Carpets (01/04/2020,5 Years effective life) Water Rates Mortgage Repayments Total Deductions NET RENTAL INCOME* 212,000 8,000 1,400 600 970 140 17500 or 9300 840 290 3,100 4,200 720 0 Business Receipt Items (exclude GST) Receipt Amount $ Write your Reasons or Workings (if applicable) Enter receipt amount here Taxable income $ Gross Salary Interest form Real Estate Trust Account Net Rental Income (refer to above*) Total Assessable Inocme 67,000.00 200.00 4,029.00 Business Deduction Items (exclude GST) Receipt Amount $ Write your Reasons or Workings (if applicable) Enter deduction amount here $ Tax Agent's fee Donation to church Personal Superannuation Work-related travel Total Deductions TAXABLE INCOME 350.00 200.00 4,000.00 210.00 Tax on Taxable Income $ 0 Add: Medicare Levy (if applicable) Add: Medicare Levy Surcharge (if applicable) Less: Tax Offsets (if any) Less: Low Income Tax Offset (if applicable) Less: Low-Middle Income Tax Offset (if applicable) Less: PAYG tax withheld TAX PAYABLE/ (REFUNDABLE) 16,000.00 Additional Workings (if any)